Question

A certain sum of money is borrowed for 2 years at 11percent pa compounded annually . Find the money borrowed ,if the amount returned is rs 12,321.​

Answer 1

Answer:

P=Rs. 10000

Step-by-step explanation:

By formula,

A=P[1+(R/100)]^T

12321=P[1+(11/100)]²

12321=P(111/100)²

It implies that,

P=12321*(100/111)*(100/111)

Therefore,

P=100*100=Rs. 10000